Ann: iPPS Demonstrates Multiple DMOAD Signals in Phase 2 Study, page-86

Not sure this assessment is correct GG

(1) They've stated they'll now look to consult with FDA with this data. This will guide them on whether 003 needs to be updated. It also gives them the option of not pursuing if too onerous.

(2) The update also notes that only 19 received twice weekly iPPS received the greatest overall response. It explicitly stated not SS change in pain at day 168 for once week versus durable response and separation from the placebo group for twice weekly. Moreover, the placebo group reported using rescue medication on an average of 23 days compared to an average of only 5 days in the twice-weekly iPPS group.

The market response today is IMO underestimating how effectively twice weekly iPPS was on the 19 of 61 tested versus once weekly and placebo.

No matter as the FDA and partnering discussions will continue as planned